The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-06-24
FINANCE and COMMERCE.
MONEY 9 TO 8 PER CENT, NEW
Y0RK EXCHANGE Is PREM.
Gotten Dull-Middling Cotton, l03c
Sales for the Week, $50
Bales.
APPEAL OFFICE. I
THURSDAY EVENING, June %, 1887.


Money is finn and hardening; bank
rates TO s. per cent, with the outside figure
prevailing; the demand Is we'll up to the
supply Dizziness prevails in the local so.
surity market. But few bids or offerings
we're made today and no sale was recorded.
1t seems to be the general desire amons
traderF in stocks and bonds thst the "call"
Of the Stock Exchange should be discontin-
ued untR September or October, the opening
Of the business season.
Memphis spot cotton closed dull today
no sales; middling, l91<c.
New York spots closed arm and I'M
changed middling, 107sc. Futures closed
easy and points advanced on the old crop
and to points lower on the new; June,
10.65@i0 SIC.
AT New Orleans spots closed dull; mid
ding, 10 9-l6,. Futures closed steady, 2 to
spoint9 of on the old crop and 2 to points
of on the new; June nominal.
leading New York aotten ci.erlar says
Of the future market: During the carly
portion OF tho day there was pretty sharp
upward turn on the old crop, which showed
lOgll points advance, with the new crop up
spoints. Later, however, the early gain was
about all wiped out. with the close tame on
new months, and the fall and winter options
slack
The Liverpool spot market closed dull in
buyers favor, ordinary, good ordinary, low
niddling and good middling declining I'D,
and middling uplands and Orleans remain
Ing unehan, cd at SID. Futures we're quiet
and steady and closed at an advance of l
poin'; June, $3.50 sellers.
The grain and provision markets are I'M
settled and weak at the leading points, and
wheat is in semi-panicky condition.
The grocery market is steady and coffee
looks ss though it were simmeripg down to
healthiof1evel, irOh which new base of
operations can be planned. Coffee specula-
lions arc becoming very slow, and a weak
andertone is Prevailing. The United States
Economist has the following to say about the
Brszilisn crop;
The sudden fall in the price of coffee this
week was not unexpected. The price had
peer artlncially Griyen up, and the crash
shrewder Spectators. No sympathy need be
wasted upon the men Who went down, when |
the reaction set 10, because their actions for
the last four weeks in tightening the market |
K
saggeIatsa reports concerning the failure of |
me an CO fee crop-reports which The |
parties circulating them knew TO be false or |
took l,calo pans TO AVE verifed-weIe set |
ahoa: by the men who We re bitten in the col |
lapse that cahe ea1y in the week and who |
nad Their allies IN Europe and Rio Janeiro, |
Even now it is difficult to get at the truth |
scncernlng this years Brazilian coffee crop,
sg. ee that it will ba little short of last wear
which was s, $50, 90 bags, and that the appre,
tensions which might arise from failure of
ne crop IN Brazil are wholly unfounde1.
inc Parties who re!ped a harvest of gold
nom tho unreasonable cry Of a short ciop,
which was the foundation for the boom In
coffee, were Joseph J. 0'Donohue an d w, Ii,
Crossman and their Havre allies. These
sSiiee was being manipulated BY a set Of
snarRers, and that the pice was being arti-
Aelally driven up. They sold early in the
period 81 the rise Of prices nearly their whole
currently rep lrted at the time that tn ESQ two
firms and their al les made about s. 20 1900
IN profits; Il buying back about 81, 900 bags
this week ODonohue only yielded up a
he had made during the last four weeks.
The men who took an active part in the
scheme to raise the price OF coffee surely have
No right to set up claim t? the appellation
Of public spirited citizens. The general pub
lic. will no dou t r.joice that an article of
daily necess ity in their households IL on
1air way TO bilng lowered TO It's legitimate
price. There was no good reason for IN ain
tanning the high artificial prices which the
public Were compelled to pay recently for
one Of the most pOpUlsr beverages concocted
out OF the fragrant and invigora ting berry.
IMPORTS.
Four hund cd and sixty rls bagzing, $50
Pkgs bacon, 272 pkgs boots and shoes, 5000
blu corn. 600 SKIS cotton seed. 126 pkgs dry
goods, 4s pkss eggs. 40 bills -four, 2200 bales
hay, % pkgs bats, 26 hid cattle, 10 nd horses
and N ules, l26 pkg lard, LOG. zoo feet Lumber,
AZ pkgi Equof, cars lime, l25 bbls meal, IL
brls molasses, 400 kegs nails, 1900 blu oats,
9 cars pork sides, SO bbls sugar, 262 pkgs to-
baccO.
ELEVATOR REPORTS. go
The following shows the amount of grain
received, withdrawn and in store by regular
elevators, as reported to the Merchants tx
change yeste lsy: Corn-received, 77e8 bu;
Oats received 2265 bu; withdrawn, 52S3 bu;
in store, 3771 u.